Retail Through the Ages

Welcome to the Wharton Retail Club! We are the premier organization at Penn for students interested in retail. For those who don’t know, retail is the sale of products or services that businesses make directly to consumers. These products can range from clothes to cars to electronics and so much more. Here is a quick overview of the history of the retail industry.

Ancient Markets

Retail began when people exchanged goods and services in ancient marketplaces. Such markets began to develop when civilizations created currency to facilitate commerce and grow their respective economies.

Medieval Period

Trade fairs and markets became extremely popular because they allowed merchants to reach customers in different regions. Additionally, merchants started to establish permanent shops with set hours.

Industrial Revolution

The emergence of department stores and mass production brought major changes to the retail industry. Furthermore, retailers started offering a variety of goods under one roof through techniques such as vertical and horizontal integration.

20th Century

The 20th century established supermarkets, chain stores, and shopping malls. Barcodes and credit cards transformed the shopping experience. The late 20th century introduced big-box retailers and discount stores, which changed the competitive landscape of retail and consumer behavior.

Digital Age

The rise of the internet in the late 20th and early 21st centuries revolutionized retail. Online shopping platforms like Amazon have changed how consumers purchase goods. Current trends in retail today include mobile commerce and omnichannel marketing.